Do NOT Sign Papers Without a Final Walk-Through

Reblogger
Real Estate Agent with Keller Williams Real Estate Roseville CA CalBRE#01966207

When you've bought a new home - whether in a short sale or a traditional sale - it's so important to have a final walk-through before you sign the papers. Beth Atalay, a Real Estate Broker Owner in Florida, has an excellent article on this topic that I wanted to share with you. And it's just as important in Pierce County, Washington as it is in Clermont Florida. Enjoy!

Original content by Beth Atalay

Do NOT Sign Papers Without a Final Walk-Through

Do NOT Sign Papers Without a Final Walk-Through

Anything could go wrong with the house you’ve been waiting to close on between the time there’s an Executed Contract and the day of closing.
Buyers should always get a home inspection by a licensed inspector as soon as there’s a contract. Some sales are “As-Is” with right to inspect, however, there won’t be any repairs done by the sellers, this should not stop buyers from getting a home inspection.

Buyers should be even more cautious when buying a home that has been vacant for months without any utilities. Getting utilities turned on for an inspection is not unusual, as matter of fact, I have personally arranged it for almost all of the Short Sales I’ve been involved in.

Once the inspection is done, buyers have the choice to either proceed with the contract or walk away. Only buyers can make that decision based on how severe the damages are and the cost to repair.

Even after a home inspection, it may be months before a short sale is approved and ready to close so the house sits vacant. Once a well maintained home may now have many problems, missing items etc.
Doing a final walk-through is one last step to take prior to settlement. I suggest walk-through be done at least 7 days out as well as 24 hours prior to closing. This is what I do, others may do it differently.
I am representing the buyers on a short sale transaction which we have been waiting for since June 2013, we finally received an approval in January and have a closing date for February 7, 2014..YAY..That’s good news!!
We have decided to do a final walk-through on January 31, 2014 and discovered all the appliances were missing(they were listed in MLS as part of the sale).
Although buyers have hired an inspector back in 2013, they’re getting another Home Inspection today.
We have some choices;

 

-Buyers can take the house As-Is and purchase new appliances
-We can ask the Short Sale Lender to reduce the sale price
-Buyers walk away

Selling side doesn’t want to ask the Short Sale lender to make a price adjustment, they want to CLOSE. Buyers want the appliances but don’t want to wait for an answer as that could take another month or two.
Somebody who’s party to this transaction suggested I(Buyer’s Agent) cut my commission by $3500.00 to give to my buyers towards new appliances. I almost fell off my chair..

Somebody has to be responsible for these vacant homes and ensure they’re secure. Who’s job is it? Lenders? Current occupants? Current homeowners? Listing Agents or Buyer’s Agents? Unfortunately, there’s no answer to this question..

As Buyers, be sure to hire a licensed home inspector and NEVER go to settlement without a final walk-through.

Whether you’re thinking about selling your home or looking to buy a home, I welcome the opportunity to work with you. I work in Clermont, Minneola, Winter Garden and Windermere areas and ready when you are. Call me at 407-929-1852, email
bethatalay@gmail.com or visit www.wheretoliveinorlando.com

 

 

Where to live in Orlando

       Follow Beth on Pinterest  

Beth Atalay, Broker/Owner

Cam Realty and Property Management

407-929-1852
www.wheretoliveinorlando.com BethAtalay@Gmail.com
Your Orlando Agent - Where to Live in Orlando

 

CAM Realty

Comments (1)

Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Kaye, the final walk-through may be a formality but it's an important one and it's definitely the last opportunity before closing for buyers to make sure everything is in order.

Feb 07, 2014 06:46 AM